COFCO 有限公司; traditional Chinese: 中國糧油食品有限公司), full name China National Cereals, Oils and Foodstuffs Corporation, is one of China's state-owned food processing holding companies. COFCO Group is China's largest food processing, manufacturer and trader.Founded in 1952, it is one of the largest SOEs of the 49 directly administrated by China's State Council. Between 1952 and 1987, it was the sole agricultural products importer and exporter operating under direct control of the central government. In 2007, COFCO had just over 60,000 employees in multiple locations in China as well as overseas operations in countries such as the US, UK, Japan, Australia, and Canada.Besides the foodstuff business, COFCO has developed itself into a diversified conglomerate, involving planting, cultivation, food-processing, finance, warehouse, transportation, port facilities, hotels and real estate. It is one of the top 500 enterprises chosen by US's Fortune Magazine.COFCO has four companies listed in Hong Kong, namely, China Foods , China Agri-Industries Holdings , Mengniu Dairy , and COFCO Packaging Holdings and three companies listed in mainland China, namely, COFCO Tunhe , COFCO Real Estate , and BBCA . COFCO boasts a wide range of branded products and service portfolios, such as Fortune edible oil, Great Wall wine, Mengniu dairy, Lohas fruit and vegetable juice, Le Conte chocolate, Tunhe tomato products, Joycome meat products, Joy City shopping mall, Yalong Bay resorts, Gloria hotels, Snow-Lotus cashmere, Zhongcha tea products, COFCO-Aviva Life Insurance, COFCO Trust, etc. Wikipedia.

The invention relates to a process of detoxifying pretreated lignocellulose-containing material comprising washing the pretreated lignocellulose-containing material in a washing solution and treating the used washing solution to remove an enzyme inhibitor and/or an inhibitor of a fermenting organism before recycling the used washing solution.

Ms. Xiaoxia Zhu, Co-chairperson and Chief Executive Officer commented, "We are pleased to report our fourth quarter and full year 2016 financial results, which marks the first full year since we successfully transitioned into an online B2B foodservice marketplace. The successful development of our business model -- connecting industry customers directly with suppliers and eliminating multiple layers of distributor markups - is translating into significant growth in our business. In 2016, we achieved a milestone of RMB 10 billion GMV (US$1.6 billion) thanks to the 39% GMV growth in the fourth quarter of 2016."
"We remain focused on our mission to establish JMU as China's largest internet foodservice platform. In 2016, we strategically partnered with 29 premium source suppliers, including multiple leading brands like COFCO and Haier, as well as international source suppliers like NISSEI and Chia Tai. In collaboration with these source suppliers, our platform now exceeds over fifty thousand SKU's which includes over eight hundred direct sale product SKU's."
"On the R&D front, through our coordination with Alibaba, we have successfully connected our mobile platform with Koubei, one of the largest local-foodservices platforms, to streamline digital transactions. We also broadened access to our platform and strengthened overall user engagement through improvements to our WeChat platform as well as ERP system development."
As previously announced, in September 2015, JMU, previously known as JM Wowo, divested Wowo Group Limited, the Company's group buying and other non-foodservice-related businesses in an effort to build one of China's largest internet foodservice platforms, improve its profitability and streamline its business operations.
Revenues were $20.9 million for the fourth quarter of 2016, an increase of 182.3% from $7.4 million in the fourth quarter of 2015 and a sequential increase of 5.3% from 19.8 million in the third quarter of 2016. The growth of revenue in the fourth quarter 2016 was mainly due to larger order volumes from corporate clients through our online direct sales business.
Cost of revenues was $20.2 million in fourth quarter 2016, an increase of 152.5% from $8.0 million in the fourth quarter of 2015 and a sequential increase of 1.0% from $20.0 million in the third quarter of 2016, which is generally in-line with the growth of the Company's revenues.
Gross profit for the fourth quarter of 2016 was $0.7million, as compared to gross loss of $0.6 million in fourth quarter 2015 and a gross loss of $0.1 million in the third quarter of 2016. The improvement was mainly due to well-maintained relationships with corporate clients and lower prices from suppliers for significant transaction volumes.
Operating expenses were $9.8 million in the fourth quarter of 2016, decreased 89.4% from $92.2 million in prior year period and increased 25.6% from $7.8 million in the third quarter of 2016. The decrease in operating expense from fourth quarter 2015 was mainly due to an impairment loss of $85.9 million incurred in fourth quarter 2015. Excluding the impact of impairment loss, operating expense would have been $9.8 million and $6.3 million in the fourth quarter of 2016 and 2015, respectively.
Loss from operations in fourth quarter 2016 was $9.2 million, a decrease of 90.1% from $92.8 million in fourth quarter 2015 and an increase of 16.5% from $7.9 million in the third quarter of 2016.
Net loss attributable to the Company in the fourth quarter of 2016 was $8.5 million, a decrease of 90.8% as compared to $92.3 million in the fourth quarter of 2015. Non-GAAP net loss attributable to the Company, which excludes amortization of acquired intangible assets, impairment of goodwill, share-based compensation and related provision for income tax benefits, was $6.5 million compared to $4.7 million in the fourth quarter of 2015. For the quarter ended December 31, 2016 and December 31, 2015, the Company's weighted average number of ordinary shares used in computing loss per ordinary share was 1,476,087,060 and 1,001,754,524, respectively.
Revenues were $73.2 million for the year of 2016, an increase of 536.5% from $11.5 million in 2015. The growth of revenue in fiscal 2016 was mainly due to larger order volumes from the third party sales business.
Cost of revenues was $72.9 million in the year of 2016, an increase of 452.3% from $13.2 million in 2015, which is generally in-line with the growth of the Company's revenues.
Gross profit for fiscal 2016 was $0.3 million compared to gross loss of $1.7 million in 2015. The improvement was mainly due to well-maintained relationships with corporate clients and lower prices from suppliers for significant transaction volumes.
Selling and marketing expenses in 2016 increased 277.8% to $20.4 million from $5.4 million in 2015. As a percentage of total revenue, selling and marketing expense was 27.9% and 47.0% in fiscal 2016 and 2015, respectively. The increase in marketing expenses was primarily due to client promotion activities in the fourth quarter.
General and administrative expenses in 2016 were $7.5 million, a decrease of 41.9% compared to $12.9 million in 2015. The decrease in general and administrative expenses was mainly due to a one time admiration fee of $4.1 million for the merger of Wowo Ltd and JMU Ltd incurred in 2015. As a percentage of total revenues, general and administrative expenses was 10.2% and 112.2% in the fiscal year of 2016 and 2015, respectively.
Loss from operations in 2016 was $27.6 million, a decrease of 73.9% from $105.9 million in 2015.
Net loss attributable to the Company in 2016 was $25.3 million, a decrease of 75.7% as compared to $104.6 million in 2015. Non-GAAP net loss attributable to the Company, which excludes amortization of acquired intangible assets, impairment of goodwill, share-based compensation and related provision for income tax benefits, was $17.8 million compared to $15.0 million in fiscal 2016 and 2015, respectively. For the year ended December 31, 2016 and December 31, 2015, the Company's weighted average number of ordinary shares used in computing loss per ordinary share was 1,474,087,060 and 1,001,754,524, respectively.
As of December 31, 2016, the Company's cash and cash equivalents was $2.6 million, a decrease of 76.8% as compared to $11.2 million as of December 31, 2015. The decrease in cash and cash equivalents was mainly due to the operating cost and the growth of the Company's online direct sales which requires cash outflow for products procurement. Total shareholders' equity was $248.4 million and $304.7 million as of December 31, 2016 and 2015, respectively.
JMU filed its annual report for the year ended December 31, 2016 on Form 20-F with the Securities and Exchange Commission. The annual report on Form 20-F can be accessed and downloaded through the investor relations section of the Company's website and all shareholders can receive a hard copy of the Company's complete audited financial statements free of charge upon request.
The Company previously received a letter from the NASDAQ Stock Market, dated May 19, 2017, notifying the Company that it is not in compliance with the requirements for continued listing set forth in NASDAQ Listing Rule 5250(c)(1) because it did not timely file its annual report on Form 20-F for the year ended December 31, 2016. The Company has regained compliance by filing the annual report today. The announcement about the delinquency letter is made in compliance with NASDAQ Listing Rule 5810(b), which requires prompt disclosure of receipt of a deficiency notification.
To supplement our consolidated financial statements presented in accordance with U.S. generally accepted accounting principles ("GAAP"), we use various non-GAAP financial measures that are adjusted from results based on U.S. GAAP to exclude amortization of acquired intangible assets, impairment of goodwill, share-based compensation and related provision for income tax benefits.
Reconciliations of our non-GAAP financial measures to our U.S. GAAP financial measures are shown in tables at the end of this earnings release, which provide more details about the non-GAAP financial measures.
Our non-GAAP financial information is provided as additional information to help investors compare business trends among different reporting periods on a consistent basis and to enhance investors' overall understanding of the historical and current financial performance of our continuing operations and our prospects for the future. Our non-GAAP financial information should be considered in addition to results prepared in accordance with U.S. GAAP, but should not be considered a substitute for or superior to U.S. GAAP financial results. In addition, our calculation of this non-GAAP financial information may be different from the calculation used by other companies, and therefore comparability may be limited.
Our non-GAAP information (including non-GAAP loss from operations and net loss attributable to the Company) which is adjusted from results based on U.S. GAAP to exclude amortization of acquired intangible assets, impairment of goodwill, share-based compensation and income tax benefits. A limitation of using these non-GAAP financial measures is that amortization of acquired intangible assets, impairment of goodwill, share-based compensation and related provision for income tax benefits have been and may continue to be for the foreseeable future significant recurring expenses in our results of operations. We compensate for these limitations by providing reconciliations of our non-GAAP financial measures to our U.S. GAAP financial measures. Please see the reconciliation tables at the end of this earnings release.
The Company will hold a conference call at 9:00 am ET (9:00 pm Beijing/Hong Kong time) on May 26, 2017 to discuss its fourth quarter and fiscal year 2016 results. Listeners may access the call by dialing:
A webcast will also be available through the Company's investor relations website at http://ir.ccjmu.com.
A replay of the call will be available through June 2, 2017 by dialing:
JMU Limited currently operates China's leading B2B online e-commerce platform that provides integrated services to suppliers and customers in the catering industry. With the help of Internet and cloud technologies, JMU has the vision to reshape the procurement and distribution pattern and build a fair business ecosystem in the catering industry in China. JMU is further promoting the use of its platform for small- and medium-sized restaurants and restaurant chains in China.
Through cooperation with national and local industry associations and reputable restaurant groups across China, JMU has formed a leading industrial alliance and has great resource leverage in China's catering industry. JMU works closely with suppliers and customers in the catering industry, providing one-stop procurement services, as well as other value-added services. For more information, please visit: http://ir.ccjmu.com.
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "aim", "anticipate", "believe", "estimate", "expect", "going forward", "intend", "ought to", "plan", "project", "potential", "seek", "may", "might", "can", "could", "will", "would", "shall", "should", "is likely to" and the negative form of these words and other similar expressions. Among other things, statements that are not historical facts, including statements about JMU's beliefs and expectations, the business outlook and quotations from management in this announcement, as well as JMU's strategic and operational plans, are or contain forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: The general economic and business conditions in China may deteriorate. The growth of Internet and mobile user population in China might not be as strong as expected. JMU's plan to enhance customer experience, upgrade infrastructure and increase service offerings might not be well received. JMU might not be able to implement all of its strategic plans as expected. Competition in China may intensify further. All information provided in this press release is as of the date of this press release and are based on assumptions that we believe to be reasonable as of this date, and JMU does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/jmu-limited-reports-fourth-quarter-and-fiscal-year-2016-audited-financial-results-300464533.html

SHANGHAI, May 26, 2017 /PRNewswire/ -- JMU Limited (the "Company" or "JMU") (NASDAQ: JMU), a leading B2B online e-commerce platform that provides integrated services to suppliers and customers in the foodservice industry in China, today announced its audited financial results for the fourth quarter and full year of 2016 ended December 31, 2016.
Disclaimer: When preparing the unaudited condensed consolidated financial statements for the three months and nine months ended September 30, 2016, the Company revisited the presentation of revenue for the period of January 1 to June 30, 2016, and concluded that certain revenue recognized on a gross basis disclosed in the earning release dated August 22, 2016 for the second quarter of 2016 should have been presented on a net basis in accordance with relevant US GAAP. Accordingly, the Company revised revenue and cost of revenues for the three months ended June 30, 2016 to reflect such change of gross presentation to net presentation.
Ms. Xiaoxia Zhu, Co-chairperson and Chief Executive Officer commented, "We are pleased to report our fourth quarter and full year 2016 financial results, which marks the first full year since we successfully transitioned into an online B2B foodservice marketplace. The successful development of our business model -- connecting industry customers directly with suppliers and eliminating multiple layers of distributor markups - is translating into significant growth in our business. In 2016, we achieved a milestone of RMB 10 billion GMV (US$1.6 billion) thanks to the 39% GMV growth in the fourth quarter of 2016."
"We remain focused on our mission to establish JMU as China's largest internet foodservice platform. In 2016, we strategically partnered with 29 premium source suppliers, including multiple leading brands like COFCO and Haier, as well as international source suppliers like NISSEI and Chia Tai. In collaboration with these source suppliers, our platform now exceeds over fifty thousand SKU's which includes over eight hundred direct sale product SKU's."
"On the R&D front, through our coordination with Alibaba, we have successfully connected our mobile platform with Koubei, one of the largest local-foodservices platforms, to streamline digital transactions. We also broadened access to our platform and strengthened overall user engagement through improvements to our WeChat platform as well as ERP system development."
As previously announced, in September 2015, JMU, previously known as JM Wowo, divested Wowo Group Limited, the Company's group buying and other non-foodservice-related businesses in an effort to build one of China's largest internet foodservice platforms, improve its profitability and streamline its business operations.
Revenues were $20.9 million for the fourth quarter of 2016, an increase of 182.3% from $7.4 million in the fourth quarter of 2015 and a sequential increase of 5.3% from 19.8 million in the third quarter of 2016. The growth of revenue in the fourth quarter 2016 was mainly due to larger order volumes from corporate clients through our online direct sales business.
Cost of revenues was $20.2 million in fourth quarter 2016, an increase of 152.5% from $8.0 million in the fourth quarter of 2015 and a sequential increase of 1.0% from $20.0 million in the third quarter of 2016, which is generally in-line with the growth of the Company's revenues.
Gross profit for the fourth quarter of 2016 was $0.7million, as compared to gross loss of $0.6 million in fourth quarter 2015 and a gross loss of $0.1 million in the third quarter of 2016. The improvement was mainly due to well-maintained relationships with corporate clients and lower prices from suppliers for significant transaction volumes.
Operating expenses were $9.8 million in the fourth quarter of 2016, decreased 89.4% from $92.2 million in prior year period and increased 25.6% from $7.8 million in the third quarter of 2016. The decrease in operating expense from fourth quarter 2015 was mainly due to an impairment loss of $85.9 million incurred in fourth quarter 2015. Excluding the impact of impairment loss, operating expense would have been $9.8 million and $6.3 million in the fourth quarter of 2016 and 2015, respectively.
Loss from operations in fourth quarter 2016 was $9.2 million, a decrease of 90.1% from $92.8 million in fourth quarter 2015 and an increase of 16.5% from $7.9 million in the third quarter of 2016.
Net loss attributable to the Company in the fourth quarter of 2016 was $8.5 million, a decrease of 90.8% as compared to $92.3 million in the fourth quarter of 2015. Non-GAAP net loss attributable to the Company, which excludes amortization of acquired intangible assets, impairment of goodwill, share-based compensation and related provision for income tax benefits, was $6.5 million compared to $4.7 million in the fourth quarter of 2015. For the quarter ended December 31, 2016 and December 31, 2015, the Company's weighted average number of ordinary shares used in computing loss per ordinary share was 1,476,087,060 and 1,001,754,524, respectively.
Revenues were $73.2 million for the year of 2016, an increase of 536.5% from $11.5 million in 2015. The growth of revenue in fiscal 2016 was mainly due to larger order volumes from the third party sales business.
Cost of revenues was $72.9 million in the year of 2016, an increase of 452.3% from $13.2 million in 2015, which is generally in-line with the growth of the Company's revenues.
Gross profit for fiscal 2016 was $0.3 million compared to gross loss of $1.7 million in 2015. The improvement was mainly due to well-maintained relationships with corporate clients and lower prices from suppliers for significant transaction volumes.
Selling and marketing expenses in 2016 increased 277.8% to $20.4 million from $5.4 million in 2015. As a percentage of total revenue, selling and marketing expense was 27.9% and 47.0% in fiscal 2016 and 2015, respectively. The increase in marketing expenses was primarily due to client promotion activities in the fourth quarter.
General and administrative expenses in 2016 were $7.5 million, a decrease of 41.9% compared to $12.9 million in 2015. The decrease in general and administrative expenses was mainly due to a one time admiration fee of $4.1 million for the merger of Wowo Ltd and JMU Ltd incurred in 2015. As a percentage of total revenues, general and administrative expenses was 10.2% and 112.2% in the fiscal year of 2016 and 2015, respectively.
Loss from operations in 2016 was $27.6 million, a decrease of 73.9% from $105.9 million in 2015.
Net loss attributable to the Company in 2016 was $25.3 million, a decrease of 75.7% as compared to $104.6 million in 2015. Non-GAAP net loss attributable to the Company, which excludes amortization of acquired intangible assets, impairment of goodwill, share-based compensation and related provision for income tax benefits, was $17.8 million compared to $15.0 million in fiscal 2016 and 2015, respectively. For the year ended December 31, 2016 and December 31, 2015, the Company's weighted average number of ordinary shares used in computing loss per ordinary share was 1,474,087,060 and 1,001,754,524, respectively.
As of December 31, 2016, the Company's cash and cash equivalents was $2.6 million, a decrease of 76.8% as compared to $11.2 million as of December 31, 2015. The decrease in cash and cash equivalents was mainly due to the operating cost and the growth of the Company's online direct sales which requires cash outflow for products procurement. Total shareholders' equity was $248.4 million and $304.7 million as of December 31, 2016 and 2015, respectively.
JMU filed its annual report for the year ended December 31, 2016 on Form 20-F with the Securities and Exchange Commission. The annual report on Form 20-F can be accessed and downloaded through the investor relations section of the Company's website and all shareholders can receive a hard copy of the Company's complete audited financial statements free of charge upon request.
The Company previously received a letter from the NASDAQ Stock Market, dated May 19, 2017, notifying the Company that it is not in compliance with the requirements for continued listing set forth in NASDAQ Listing Rule 5250(c)(1) because it did not timely file its annual report on Form 20-F for the year ended December 31, 2016. The Company has regained compliance by filing the annual report today. The announcement about the delinquency letter is made in compliance with NASDAQ Listing Rule 5810(b), which requires prompt disclosure of receipt of a deficiency notification.
To supplement our consolidated financial statements presented in accordance with U.S. generally accepted accounting principles ("GAAP"), we use various non-GAAP financial measures that are adjusted from results based on U.S. GAAP to exclude amortization of acquired intangible assets, impairment of goodwill, share-based compensation and related provision for income tax benefits.
Reconciliations of our non-GAAP financial measures to our U.S. GAAP financial measures are shown in tables at the end of this earnings release, which provide more details about the non-GAAP financial measures.
Our non-GAAP financial information is provided as additional information to help investors compare business trends among different reporting periods on a consistent basis and to enhance investors' overall understanding of the historical and current financial performance of our continuing operations and our prospects for the future. Our non-GAAP financial information should be considered in addition to results prepared in accordance with U.S. GAAP, but should not be considered a substitute for or superior to U.S. GAAP financial results. In addition, our calculation of this non-GAAP financial information may be different from the calculation used by other companies, and therefore comparability may be limited.
Our non-GAAP information (including non-GAAP loss from operations and net loss attributable to the Company) which is adjusted from results based on U.S. GAAP to exclude amortization of acquired intangible assets, impairment of goodwill, share-based compensation and income tax benefits. A limitation of using these non-GAAP financial measures is that amortization of acquired intangible assets, impairment of goodwill, share-based compensation and related provision for income tax benefits have been and may continue to be for the foreseeable future significant recurring expenses in our results of operations. We compensate for these limitations by providing reconciliations of our non-GAAP financial measures to our U.S. GAAP financial measures. Please see the reconciliation tables at the end of this earnings release.
The Company will hold a conference call at 9:00 am ET (9:00 pm Beijing/Hong Kong time) on May 26, 2017 to discuss its fourth quarter and fiscal year 2016 results. Listeners may access the call by dialing:
A webcast will also be available through the Company's investor relations website at http://ir.ccjmu.com.
A replay of the call will be available through June 2, 2017 by dialing:
JMU Limited currently operates China's leading B2B online e-commerce platform that provides integrated services to suppliers and customers in the catering industry. With the help of Internet and cloud technologies, JMU has the vision to reshape the procurement and distribution pattern and build a fair business ecosystem in the catering industry in China. JMU is further promoting the use of its platform for small- and medium-sized restaurants and restaurant chains in China.
Through cooperation with national and local industry associations and reputable restaurant groups across China, JMU has formed a leading industrial alliance and has great resource leverage in China's catering industry. JMU works closely with suppliers and customers in the catering industry, providing one-stop procurement services, as well as other value-added services. For more information, please visit: http://ir.ccjmu.com.
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "aim", "anticipate", "believe", "estimate", "expect", "going forward", "intend", "ought to", "plan", "project", "potential", "seek", "may", "might", "can", "could", "will", "would", "shall", "should", "is likely to" and the negative form of these words and other similar expressions. Among other things, statements that are not historical facts, including statements about JMU's beliefs and expectations, the business outlook and quotations from management in this announcement, as well as JMU's strategic and operational plans, are or contain forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: The general economic and business conditions in China may deteriorate. The growth of Internet and mobile user population in China might not be as strong as expected. JMU's plan to enhance customer experience, upgrade infrastructure and increase service offerings might not be well received. JMU might not be able to implement all of its strategic plans as expected. Competition in China may intensify further. All information provided in this press release is as of the date of this press release and are based on assumptions that we believe to be reasonable as of this date, and JMU does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/jmu-limited-reports-fourth-quarter-and-fiscal-year-2016-audited-financial-results-300464533.html

The AUS$75 million Chateau Seppeltsfield Minquan, in Henan Province, eastern-central China, took three years to build and officially opened on 13 May. It is the first Chinese chateau to be part-owned by an Australian winemaker, and will serve as both a retail cellar door and tourism facility, promoting the wines of both Seppeltsfield and Minquan.
The Chinese market is of significant importance to Australian winemakers, with the market last year overtaking the UK as the biggest importer of its wines. Imports to Australia have been given a boost since the signing of a free trade agreement with the country, which came into force in 2015, and a growing interest in wine by the Chinese middle class.
Speaking to Australia’s abc.net, Seppeltsfield’s sales and marketing manager Chad Elson said the opening of this chateau was the “next step” for the brand in establishing itself in the Chinese market.
“We have recognised China as probably the leading international wine market for the Australian category,” he said. “This was a particular project to have some form of physical presence in the market, so taking our relationship from purely trade to actually having a retail bricks-and-mortar facility on the ground in China.
“The chateau is more or less operating as a cellar door, but the second component is a bit of an operational hub.”
Chateau Seppeltsfield Minquan is located in Minquan County, one hour from Henan’s capital city, Zhengzhou, whose population is 10 million. Minquan is also accessible from Beijing and Shanghai by a recently completed (300 km/hour) high speed rail.
Elson also noted how Australia’s relationship with China had changed, with a project such as this unlikely to have been proposed only a decade ago.
“Ten years ago, the value of Australian wine exports was about $27 million … currently it is over $500 million,” he said. “There were certainly signals that the market was developing, but how rapid it has been in the last three years particularly … it certainly rocketed far quicker than probably what we could have ever imagined.”
Only last month Australian Vintage announced it was strengthening its presence in the Chinese market, selling a 15% stake in its company to Vintage China Fund, a new partnership founded by YesMyWine founder Dixon Yuan.
YesMyWine is China’s biggest online wine retailer, and will gain exclusive distribution rights to AVL’s wine brands, except McGuigan which has an existing partnership with COFCO, including Nepenthe and Tempus Two.
Seppeltsfield is one of Australia’s oldest wineries, founded in 1850 by Joseph Seppelt, and is best-known for its 100-year-old Para Tawny. Set aside in 1878, the first bottles were released in 1978, and every year, with the winery putting aside its finest wines each year to be matured for a century before release.
Chateau Seppeltsfield Minquan will continue to be the home of Minquan Jiuding Wine Company Ltd, whose most prominent wine brand, ‘1958’, will be promoted alongside Seppeltsfield. The property will primarily be used a retail outlet and tourism hub, and will also be used to promote tourism to the Barossa Valley and South Australia.

BUENOS AIRES & SAO PAULO & CHICAGO--(BUSINESS WIRE)--Nidera Seeds, together with Chromatin Inc., a US based company focused on sorghum seeds, announced today Chromatin’s purchase of Nidera Seeds’ global sorghum portfolio. The sale includes Nidera’s sorghum assets, including its commercial sorghum products, research and development pipeline, associated intellectual property, inventory, and numerous market authorizations.
The decision made by Nidera Seeds to sell its sorghum global program is part of the company’s strategy of focusing its resources on its main crops, including corn, sunflower, soybeans and wheat.
“The products we acquired are well-adapted to the high-value South American sorghum market,” said Charles Miller, Chromatin’s Vice President of Business Development and International Sales. “This portfolio will accelerate the growth of Chromatin’s Latin American business, bringing access to key customers and products.”
Chromatin’s investment in sorghum is supporting the company’s growth in several global markets, including Southern Latin America, where it recently appointed Gabriel Fodere as its Commercial Director. “This acquisition provides us with several highly competitive products registered in Argentina, Brazil, Paraguay, Uruguay and Bolivia,” said Fodere. “Our operating and sales teams will ensure a seamless transition as we continue to make these products available to loyal customers.”
Sorghum is undergoing increasing global demand, particularly in food and beverage, livestock feed, and sustainable fuel markets. The crop’s broad geographic range, rapid growth and adaptation to drought have made it an increasingly important contributor to global agriculture, particularly on marginal land with limited water resources.
“Chromatin is a rapidly growing leader in sorghum innovation,” said Daphne Preuss, Chromatin’s CEO. “The Nidera portfolio provides important genetic diversity and key traits that will impact our product offerings worldwide.”
Chromatin Inc. is 100 percent committed to sorghum - a crop that can be grown on 80 percent of the world’s arable land. Chromatin develops and sells hybrid sorghum planting seed to growers and producers around the world who are attracted to sorghum’s rapid maturation, tolerance to heat, cold and drought and high yields.
Chromatin is headquartered in Chicago and exports hybrid sorghum seed from production plants in Texas, Australia, South America and Africa to over 40 countries around the world. For additional information, please visit www.chromatininc.com.
With an extensive proprietary, branded germplasm base in corn, sunflower, soybeans and wheat, Nidera Seeds is a member of COFCO International and a leading seeds company. Nidera Seeds’ activities are and concentrated in South America and Europe.
Integrating core capabilities in R&D, Supply Chain and Commercial, Nidera Seeds is entirely dedicated to provide great genetics to the fields of our customers.

Provided in the present invention is an asparaginic acid kinase, and the 340^(th) amino acid residue in the position of the amino acid sequence of the asparaginic acid kinase corresponding to the amino acid sequence shown in SEQ ID NO: 2 is a non-aspartic acid. The asparaginic acid of the present invention can efficiently relieve the feedback inhibition of L-lysine, and can be effectively used for the production of L-lysine. Also provided in the present invention are host cells comprising genes coding the asparaginic acid kinase and a method for producing L-lysine using the host cells or the asparaginic acid kinase. The asparaginic acid kinase of the present invention or the host cells comprising the asparaginic acid kinase of the present invention is also used to produce L-threonine, L-methionine , L-isoleucine or L-valine. Also provided in the present invention is a method of producing L-aspartyl-4-yl phosphoric acid using the asparaginic acid kinase or the host cells.

Provided in the present invention is an asparaginic acid kinase, and the 340^(th )amino acid residue in the position of the amino acid sequence of the asparaginic acid kinase corresponding to the amino acid sequence shown in SEQ ID NO: 2 is a non-aspartic acid. The asparaginic acid of the present invention can efficiently relieve the feedback inhibition of L-lysine, and can be effectively used for the production of L-lysine. Also provided in the present invention are host cells comprising genes coding the asparaginic acid kinase and a method for producing L-lysine using the host cells or the asparaginic acid kinase. The asparaginic acid kinase of the present invention or the host cells comprising the asparaginic acid kinase of the present invention is also used to produce L-threonine, L-methionine, L-isoleucine or L-valine. Also provided in the present invention is a method of producing L-aspartyl-4-yl phosphoric acid using the asparaginic acid kinase or the host cells.

A mill roller transmission mechanism comprises a frame (7), a fast roller (1), a slow roller (2), and a toothed belt (4). The toothed belt (4) is provided with an inner toothed surface and an outer toothed surface. The inner toothed surface of the toothed belt (4) is engaged with an outer peripheral surface of the fast roller (1). The outer toothed surface of the toothed belt (4) is engaged with an outer peripheral surface of the slow roller (2). The mill roller transmission mechanism further comprises: a tensioning seat (51), a support shaft (52), a swing frame (53), a rolling shaft (54), a tensioning wheel (3), and a press mechanism. Also disclosed is a mill employing the transmission mechanism. The tensioning mechanism is designed to be an elastic adjustable mechanism, so that when the tensioning wheel is engaged with the inner tooth wall of the toothed belt, there is a margin for buffering, and the tension of the toothed belt may be buffered through the elasticity of the tensioning mechanism. The pitch of the teeth of the toothed belt is optimized, to improve power transmission and stability. The outer peripheral surface of the tensioning wheel is optimized, to make it easy to mount the toothed belt.